Good result from U.S. Bancorp

U.S. Bancorp reported net attributable of $1,162m (€811m £716m $1,167m ¥91.5bn Y7,524m) for Q2 and $2,170m (€1,508m £1,331m $2,170m ¥170.1bn Y13,990m) for the half year UP 35% and 44% respectively.

Notable is that U.S. Bancorp was one of the few banks to show an increase in NII (before credit loss provisions) and non-interest income for both the quarter and the half year. Compared with some of its peers another advantage was the lack of regulatory and legal costs. It is also one of the few western banks to show a return on equity above 15% since the financial crisis (Q2 = 15.9%). Cost to income was 51%.